We have known for some time now that Tron would be collaborating with Tether Limited, the company behind, USDT. The partnership would see USDT added to Tron’s platform. According to a recent announcement, Tether’s USD-pegged stablecoin USDT is now on TRON blockchain. The USDT will comply with the TRC20 standard. Tron’s based token will be faster cheaper and smarter than USDT-Omni, the report added. In addition to launching the USDT on Tron blockchain, the projects have further announced a USDT-TRON’s 20 Million USD Incentive Plan within 100 days.
Will this mean a Faster, Cheaper and Smarter USDT–Omni?
Tron’s development team stated that the TRON based token is an upgrade from the OMNI protocol based USDT. In readiness, the platform is upgrading, adding features for zero transfer fees, instant delivery, transparency and holding and transfer via smart contracts. One more clear advantage of the TRON based token is that it will allow users to interact with Tron dApps, unlike $USDT based on BTC or ETH.
USDT-TRON’s 20 Million USD Incentive Plan
To make it more enticing, the two projects have announced that they will be giving out 20 million USDT to TRC20 based USDT holders over the next 100 days. To sponsor this campaign, Tron is working closely with leading exchanges including OKEx and Huobi.
How to Swap USDT-Omni to TRC20 Based USDT?
To swap to the upgraded TRC20 based USDT, there is a clear procedure given by Tron. For individuals and small business institutions, they will first need to deposit their USDT-OMNI/USDT-ETH to an exchange or wallet that supports TRC20 based USDT.
The exchange or wallet will offer instructions on how to swap the tokens via a notification or announcement. By following the instructions, the user will quickly make the swap with USDT balance reflecting as soon as one it is complete. Exchanges which are supporting TRC20 based USDT among many include Huobi, BitFinex, OKEx, gate.io, and BTEX.
Tron’s TRX Shows Little Reaction to the Announcement
Although news of the partnership broke a couple of months ago and many were not expecting a big leap in price, there was still the anticipation of some positive price movement. However, this has not been the case.
Tron’s TRX has remained within the $0.026 and $0.027 price range for the last couple of days, and not even this announcement could help it break away from the range. In the days to come and as more exchanges and wallets begin supporting the TRC20 based USDT, we could start seeing positive movement of the cryptocurrency.
The 20 million USDT rewards could also start attracting positive attention, boosting the initiative for Tron and TRX prices.